(Reuters) - Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as $1.1 billion a year in expenses, the company said on Wednesday.

The move will initially result in pre-tax charges of $1 billion to fourth-quarter earnings, the company said in a statement.

The move is the first major action to restructure the company since directors named Michael Corbat chief executive officer in October after becoming impatient with former CEO Vikram Pandit.

"We have identified areas and products where our scale does not provide for meaningful returns," Corbat said in a statement from the company. "We will further increase our operating efficiency by reducing excess capacity and expenses," he added.

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